Alternate minimum tax
This query is : Resolved
16 April 2012
I am a individual having salary of Rs. 10 lacs for the AY 2013-14. I also have LTCG of Rs. 45 lacs. I take deduction u/s 80C of Rs. 1 lacs. Do Alternate minimum tax is applicable to me or I have to pay tax as per normal provision. please help
Prakash Kochar
(Expert)
17 April 2012
For income other than LTCG after allowing deduction u/s. 80C normal rate will be applicable. For income taxable under head LTCG flat rate of tax u/s. 112 will be applicable.
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